Asia Pacific Clinical Trials Market
Published On: Oct 2023
Published On: Oct 2023
According to the Business Market Insights’ research, the Asia Pacific clinical trials market was valued at US$ 8,670.68 million in 2022 and is expected to reach US$ 13,114.04 million by 2028, registering a CAGR of 7.1% from 2022 to 2028. Increasing adoption and outsourcing of clinical trials and flourishing pharmaceutical industry and increasing R&D activities in pharmaceutical industry are the critical factors attributed to the Asia Pacific clinical trials market expansion.
In decentralized clinical trials (DCT), patients' physical access to hospital-based trial sites is reduced or eliminated. In DCTs, digital technologies are used to enable access of patients to clinical research, remote data collection and monitoring, and communication between investigators and participants. A hybrid clinical trial approach combines home-based and on-site activities, bringing the best patient experience and meeting complex protocol regimes, gaining traction across various therapeutic areas and trial phase journeys. Initially, due to challenges such as patient privacy, data security, regulatory barriers, and complex protocol regimes, the adoption of DCT was affected. However, due to the COVID-19 pandemic, the sponsors of clinical trials adopted decentralized and hybrid clinical techniques for developing drugs. They could not continue with traditional trials as they required in-person visits. Due to the restrictions for travel, the only way to gather data and keep trials going was to work remotely and adopt technology much faster than they would have otherwise. Therefore, decentralization broadens trial access to reach a larger number and potentially a more diverse pool of patients.
On the contrary, expensive and time-consuming process hurdles the growth of Asia Pacific clinical trials market.
Based on phase, the Asia Pacific clinical trials market is segmented into phase I, phase II, phase III, and phase IV. The phase III segment held 53.9 % share of Asia Pacific clinical trials market in 2022, amassing US$ 4,663.29 million. It is projected to garner US$ 7,178.39 million by 2028 to expand at 7.5% CAGR during 2022–2028.
Based on study design, the Asia Pacific clinical trials market is segmented into interventional, observational, and expanded access. The interventional segment held 52.1% share of Asia Pacific clinical trials market in 2022, amassing US$ 4,515.92 million. It is projected to garner US$ 6,908.50 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on indication, the Asia Pacific clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular, and others. The oncology segment held 27.5% share of Asia Pacific clinical trials market in 2022, amassing US$ 2,384.70 million. It is projected to garner US$ 3,638.11 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on country, the Asia Pacific clinical trials market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.3% share of Asia Pacific clinical trials market in 2022. It was assessed at US$ 2,536.17 million in 2022 and is likely to hit US$ 3,796.52 million by 2028, exhibiting a CAGR of 7.0% during 2022–2028.
Key players operating in the Asia Pacific clinical trials market are Charles River Laboratories International Inc, ICON Plc, IQVIA Holdings Inc, Laboratory Corp of America Holdings, Parexel International Corp, SGS SA, SIRO Clinpharm Pvt Ltd, Syneos Health Inc, Thermo Fisher Scientific Inc, and WuXi AppTec Co Ltd, among others.
Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com
E 1803, Panchshil Towers, Vagholi, Haveli, Pune- 412207, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
